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I need this problem answered ASAP please! a. (4 pts.) Karla has a personal line of credit at prime + 3.5%, where the current prime
I need this problem answered ASAP please!
a. (4 pts.) Karla has a personal line of credit at prime + 3.5%, where the current prime rate is 4.25%. On July 31, her balance owed was $7,000. On August 6, she advanced $2,000 and on August 20, she paid $3,500. She is required to make the complete interest payment at the end of every month. Create the repayment schedule for August. Balance before Annual Number of Interest Payment (+) or Principal Balance after Transaction Days Charged Advance (-) Amount Transaction Date Accrued Interest Interest Rate $7,000 Jul 31 Aug 6 Aug 20 Aug 31 7.75% 7.75% 7.75% 6/365 14/365 11/365 $2,000 $3,500Step by Step Solution
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